Recap Hog Market Report
Fri 22 Mar 2013 14:27:37 CT
Related Keywords: Agriculture
June hogs closed 17 higher in the session and up 40 points for the week. A daily reversal this week and confirmation with the weekly reversal helped to support. The market came under selling pressure into the mid-session as weakness in cattle and grain markets and the premium of futures to cash sparked some long liquidation selling early. The colder than normal weather outlook into next week has traders nervous over cash hog demand and with one less slaughter day next week, packer demand could be weak. Traders see the possibility or record high cold storage for hams and pork for the report this afternoon. Cash hogs are steady today. The CME lean index as of March 20th was at 75.87 from 76.23 the previous session. Slaughter came in at higher than expected at 425,000 head.

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